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Austria hangs up: Ameritech Corp. said it lost out to...

October 20, 1998

Austria hangs up: Ameritech Corp. said it lost out to Telecom Italia for a 25 percent stake in the Austrian phone company Telekom Austria despite indications earlier this year that it was close to success. "Many people in the government and in the company told us that we presented the best plan for building long-term value for Telekom Austria," Ameritech International President Timothy Cawley said in a statement. "Unfortunately, we were not able to reach agreement on terms."